The global polyphenols market is expected to reach USD 1.33 billion by 2024, according to a new report by Grand View Research, Inc. Growing geriatric population base in the U.S., Western Europe, and Japan is expected to drive polyphenols demand over the forecast period.

The growing demand for polyphenols from the niche nutraceutical and dietary supplement market to the wider food & beverage market is projected to boost market growth. Self-affirmed GRAS status given to the use of polyphenols in the food & beverage industry is expected to positively influence the growth of this market. Increasing consumer awareness regarding the health benefits associated with polyphenol consumption and changing demographics is expected to positively influence market growth.

Further key findings from the report suggest:

The global polyphenols market demand was 16.38 kilo tons in 2015 and is expected to reach 33.88 kilo tons by 2024, growing at a CAGR of 8.4% from 2016 to 2024.

Grape seed polyphenol extracts with a market share of 51.5% in terms of value dominated the product segment and is expected to grow at a significant rate over the forecast period. Health benefits induced by grape seed polyphenols such as improved blood circulation and reduced pre-hypertension is anticipated to boost future market growth.

The functional beverage segment accounted for the largest polyphenol application market share in 2015. The use of polyphenols in the functional beverages is projected to grow at the highest CAGR of 7.7% from 2016 to 2024. Increasing consumption of nutritional beverages is expected to fuel the demand for functional beverages over the forecast period.

Asia Pacific dominated the global polyphenol market with a share of over 40%. The growing geriatric population in Japan and China is projected to boost the market growth for dietary supplements and healthy food & beverages. The increasing use of polyphenols in the pharmaceutical and cosmetic industries is also expected to drive the market demand over the forecast period.